Search found 11 matches
- Fri Dec 16, 2022 10:22 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Citizen in Canada with French Pension
- Replies: 2
- Views: 565
US Citizen in Canada with French Pension
Hi, Trying to wrap my head around the treaties. I'm a US citizen, living in Canada about to receive Pension and Social Security from France. In determining the Canadian taxation I look at the Canada/France tax treaty. This makes sense. In determining the US taxation, I look at the US/France tax trea...
- Tue Sep 15, 2020 9:27 am
- Forum: Canada / United States Tax & Accounting
- Topic: FTC from 1040 with child credit
- Replies: 1
- Views: 904
FTC from 1040 with child credit
Hello - will the CRA accept an FTC from the US when the tax liability is eliminated by way of the U.S. child tax credit? I can see both arguments - no foreign taxes were actually paid vs. there were taxes owing but they were "paid" by way of a credit.
Thanks!
Thanks!
- Thu Sep 14, 2017 2:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Dying in US with RRSP
- Replies: 2
- Views: 1981
- Thu Sep 14, 2017 10:51 am
- Forum: Canada / United States Tax & Accounting
- Topic: Dying in US with RRSP
- Replies: 2
- Views: 1981
Dying in US with RRSP
Hi, If I die as a US resident with an RRSP balance, the balance will get paid out (about 100K) with 25% withholding from Canada. I'm fine with that. The estate won't need to file a 706 form because I won't be worth more than 5.5 million upon death. Is the RRSP payout considered income for US purpose...
- Thu Aug 18, 2016 9:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian sale of US property
- Replies: 4
- Views: 2573
The depreciation was only taken during the years it was rented. No depreciation taken during personal use period. I'm comfortable with the Canadian side, including foreign tax credits. I'm just stuck on the US side. I know that I'm dealing with a Sec. 1250 gain but I can't seem to figure out if this...
- Wed Aug 17, 2016 10:02 am
- Forum: Canada / United States Tax & Accounting
- Topic: Canadian sale of US property
- Replies: 4
- Views: 2573
Canadian sale of US property
Hi and thanks in advance for your thoughts. I'm helping a Canadian that sold a US property in 2016. Facts are: Purchased in 1995, rented it for 8 years. Filed 1040NR, claimed depreciation each year. He has record of loss carryforwards. He stopped renting and it became his winter home. He used it a f...
- Wed Jan 27, 2016 4:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Article XV 2(a)
- Replies: 10
- Views: 3822
Thanks. Valid point. I'm over the exemption limit so I always found it easier to just claim the FTC rather than exempt a portion and then figure out the remaining creditable taxes for FTC. Mainly force of habit as well. US source income has rarely been an occurrence for me so it's always been fairly...
- Wed Jan 27, 2016 4:01 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Article XV 2(a)
- Replies: 10
- Views: 3822
I think I got it now. It's just like when I have US source dividends and the 1040 taxes the dividends at more than 15%. I resource the dividends and claim an FTC to limit the US tax to 15%. Same concept. The rest of my 1040 is all Canadian source employment income, interest and rental. I'll source i...
- Wed Jan 27, 2016 11:15 am
- Forum: Canada / United States Tax & Accounting
- Topic: Article XV 2(a)
- Replies: 10
- Views: 3822
So T1 would show the employment income as foreign source so that a foreign tax credit could be picked up on the state and FICA taxes. The 1040 shows the same income resourced to Canada, picking up Canadian taxes as FTC. NY return - typical non-res return showing the employment income. Just seems cou...
- Wed Jan 27, 2016 10:11 am
- Forum: Canada / United States Tax & Accounting
- Topic: Article XV 2(a)
- Replies: 10
- Views: 3822
- Tue Jan 26, 2016 3:46 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Article XV 2(a)
- Replies: 10
- Views: 3822
Article XV 2(a)
Can a U.S. citizen, resident in Canada use XV 2(a) to exclude employment income on my 1040? I had $5,000 of U.S. source employment income in 2015. I live in Canada.